Topic: "Better than bitcoin" altcoin sellers arrested for stealing $340 million - page 3. (Read 2901 times)

The scam operated in Thailand, Indonesia and Malaysia. People there are less aware of cryptos. Can't blame them.

Whoah, slow down. There is a lot of scam activity including devs, but how do you justify calling the first three you mention scams? (I'm not familiar with the fourth). It's possible I've missed some important news, but I do try to pay attention so I'm surprised if I missed anything major.

1. Auroracoin was an ambitious effort by pretty much one lone dev, which failed for lack of support/infrastructure/software development that would realistically have been needed for it to be a success in its intention of providing Iceland a cryptocurrency. But despite a lot of hollering about it being a scam, I never saw a whiff of evidence to justify the accusations and it looks like the airdrop took place as intended. (It's all the hasty country-coins that followed it that would be more worthy of such scrutiny.)

2. Blackcoin - ambitious marketing and plans, and in-fighting among the devs, and I've seen accusations of whales attempting to manipulate it. But none of that justifies calling the coin itself a scam or calling the devs scammers.

3. Maxcoin - isn't this the Max Keiser coin? So how does that make it a scam? I've paid less attention to it, but again, how do you justify calling it a scam?

Only Auroracoin topped $100 million in market cap IIRC (with it hitting $1 Billion), so how can you claim each of these coins was somehow involved in >$340 million scams? Granted there is a lot of trouble in the alts, but let's not be wildly inaccurate in describing the issues.

Pretty scary how they managed to raise 310 million... people is pretty naive, specially when they believe "this cryptocurrency is better than Bitcoin".

Users should be more careful when they trust services like this, their money can instantly dissapear. IMO more regulations should happen regarding bitcoin/crypto currencies/virtual currencies etc to prevent events like these.

They allowed themselves to be scammed; it's like leaving all your doors and windows open on your car with the keys in the ignition and then complaining someone took it.  Sometimes it can't be helped, but bad business practices are not one of those cases.  The schemers did not steal this money, it was given to them.

So, when someone is victim of a crime it's their fault and they should be punished for being scammed?

I already saw some similar schemes being discussed in this forum, Onecoin comes to mind.

Holy cow $340 million  . How in the world did they manage to scam to much money? Really sad to hear that people lost money on this, be careful were you invest people.

it worth nothing that in 2013 after the doge peak the altcoin section was full of malicious devs, who were running their scam-fest, consisting of many alts, like aurora/blackcoin /maxcoin/stockcoin(the first one) ecc....,

i was there for every one, and i can tells you that with the first three they have surpassed by a long shot the 340M of this news..

actually i think that with aurora only, they have scammed a monstrous amount(i remember that coin surpassed litecoin in value, when litecoin was worth about 300M+)

nowadays there are still scam pos coins with bad/fake distribution and other crap like that

I do, everyone makes mistakes, but a part of making mistakes is experiencing the effect of those mistakes; if they get their money back then the learning experience is lost and they'll wind up making the same mistake with the belief that they'll get their money back again.  This is what allows ponzis and pyramids to occur at all: there's no more risk involved, or so they believe, until one of these schemers winds up succeeding with a lot more cash than he would've if everyone knew to avoid such schemes in the first place and to only deal with reputable businesses.  Of course, the schemers do their best to hide that they're a scheme, but still, there's signs.

You don't sympathize?

Remain prudent; don't let greed get in the way of judgment.  TBH I think these guys who played into the scheme should lose their money as a lesson to what happens when you give your trust away to people who don't deserve it.  But I'm just hardcore like that.

Anyway, I have no doubt these things will keep happening; as they say, there's a new sucker born every second...

http://www.coinbuzz.com/2015/04/13/arrests-in-ufun-crypto-currency-pyramid-scheme/

Definitely one of the biggest bitcoin-related scams in recent times. I myself have not heard of Utoken before, and they stole 1/3 billion USD.

Makes me wonder how many other scams/ponzis are still running out there and how much money they have. Your thoughts?